BofA 'Bullish' on Genmab's Upcoming Phase 3 Readouts; Buy Rating Maintained

MT Newswires · 1d ago
04:04 AM EDT, 10/09/2026 (MT Newswires) -- BofA Global Research holds a "bullish" outlook on two upcoming late-stage readouts from Genmab (GMAB.CO) in the fourth quarter, saying each is a $2 billion peak sales opportunity backed by wholly owned rights, "strong" precedent data, and favorable key opinion leader feedback. "After a flurry of positive data to start 4Q, we remind that Genmab still has a likely huge 4Q26 (it's on our Top 10 ideas list for 4Q) with two more PIII catalysts that represent $4bn+ peak sales. Positive reads could see GMAB become the binary-free launch story in EU Pharma from 2H27E and derisk its path to offset its Darzalex LOE (28-30E). Despite move from lows, we continue to see stock valuation as attractive with imminent reads to derisk material upside," according to a Thursday note. The research firm believes petosemtamab's first-line head and neck cancer trial remains the "anchor" readout to watch given the drug's commercial potential. However, analysts noted that the timeline sequence optimizes the setup, saying rinatabart sesutecan, or Rina-S, in second-line-plus platinum-resistant ovarian cancer is positioned as the immediate next catalyst, with risk already partially mitigated by phase 2 data. If Rina-S delivers positive late-stage results ahead of petosemtamab, BofA expects it will cushion downside risk and support a setup into the "largest" phase 3 readout. BofA maintained its buy rating on the stock, with a price objective of 2,850 Danish kroner.